AUSTRALIAN LOANS.

New Zealand Herald, Volume LXIII, Issue 19455, 11 October 1926, Page 9

AUSTRALIAN LOANS.

CRITICISM OF METHODS. RECENT PAMPHLET DISCOUNTED. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) LONDON, Oct. 9. Although the recently-issued pamphlet criticising Australian finance received considerable publicity in the daily press, it is significant that the financial newspapers, both dailies and weeklies, have ignored it completely. Tho London Stock Exchange has treated it with the indifference it usually displays toward effusions of this sort. Discussing the subject a well-known stockbroker who operates largelv oil the colonial market, recalled the fact that Australia had been subject to similar acidulous criticisms as long as he could remember. lie quoted as an instance the dismal jeremiads of tho Investors' Review 35 years ago, which time after time predicted the insolvency of various Australian States because of their excessive borrowing and reckless expenditure of loan money. None of these dire forebodings was realised, and throughout this lengthy period no holder of Australian Government stock had failed to receive his full interest with clock-work punctuality every half-year and his capita] in full at tho due time for the redemption of the loan if ho so desired. Information Always Available., Regarding tho demand that prospectuses should contain details of a borrowing State's ■ finances, the broker snwl that in his long experience ho ha<l never been asked by an investor for such information, and the demand for it by certain financial writers had only been made in tho last year or so. _ If any stockbroker required this information ho had only to turn to the Stock Exchange's official intelligence which contained tho most complete and the latest details regarding the income and expenditure of tho Commonwealth and every State in Australia. AMERICAN COTTON PRICES. RECORD LOW LEVEL REACHEb GROWERS IN DIFFICULTIES. Australian and N.Z. Cable Association. fßced. 5.5 P.m.) NEW YORK. Oct. 8. The price of cotton dropped 16s 8d a bale to-day to the Ipwcst level for five years. This occurred after the publication of a Government report indicating that the prospective yield was 16,625,000 bales, an inorease of 817,000 bales on the estimate made on September 16. A message from Washington says the situation of tho Southern cotton planters is so serious owing to recent declines in* prices that Senator Robinson has asked White Houso for an emergency fund of £6,000,000, to aid the growers. Mr. Robinson said his request was made in order to pave tho way for legislation to appropriate this "amount from the Federal Reserve Bank. Th<* money would be distributed through Southern banks. Texas bankers are arranging loans of £lO a bale at 6 per cent, per annum interest on the security of warehouse receipts or chattel morgages attached to the crop mortgage-notes now held by them. This plan was submitted at a meeting of 100 Texas bankers from all parts of the cotton-belt. An acreage reduction campaign for 1927 was also planned. The idea is to effect a reduction of not less than 25 per cent, in the acreage and to increase feed and food crops. A similar plan to retire another 2,000,000 bales throughout tho South will bo launched immediately. This would make available out of the present crop only 12.000.000 bales instead of 15,000,000. Tho bales taken off the market would be absorbed in the 1927 crop which is expected to bo smaller on account of tho reduced acreage. Bankers will bo urged to convert some of their crop mortgage* into new loans with the chattel mortgages atached and also tho warehonso receipts which are liquid assets in the, cotton belt. Recent declines in prices havo .cost Texas £300,000 a day for the last two weeks, but the fact, that the State has ono of tho largest feed crops in its history is expected to enable the farmers to weather the storm.

THE LONDON MARKETS. FROZEN MEAT. Australian and N.Z. Cable Association, (iiecd. 5.5 p.m.) LONDON, Oct. 9. Sheep.—Canterbury, heavy, 6d; North Island, medium, 6d;; heavy, s|d; New Zealand, owes, 4sd; Australian, firsts, 4gd ; seconds, 4gd ; ewes, light, SUI; medium, 5d ; heavy, 4^(1; ewes, 4,1 d; Patagoniau, light, medium, sd; ewes, 4£d. Lambs. —Canterbury, light, 10Jd ; heavy, B|d; North Island, firsts, 9»Jd ; Argentine, firsts, light, 9d; medium, 7\d; others unchanged. COTTON, RUBBER, HEMP, ETC. (Last week's prices in parentheses.) Cotton.— November delivery, 6.71 d (7.46 d) per lb. Rubber. —Para, plantation and smoked, 20Jd (21d). Jute. —October-November shipments, £2B 5s (£2B 7s 6d) per ton. Hemp.—October-November shipments, £37 (£37) per ton. Copra.' —October-November shipments, £25 15s (£26 2s 6d) per ton. Linseed Oil.—£3o 5s (£3O 15s) per ton. Turpentine.---64s (655) per cwt. HIDES MARKET. The London hides markpt is active." All classes are in strong demand and c.i.f quotations are:—Dry salted meat works, Queensland, 351b. to 451b., 9d; 301b. to 401b., 82d; 251b. to 351b., Bgd; 201b. to 301b., BJd; Now South Wales, samo varieties, nominal, 9^d, 9d, wet saltod meat works, Queensland, 501b. to 601b,, 7j}d ; 401b. to 501b., 6Jd ; New .South Wales, same varieties, 7fd, 7j{d; Victorian abattoirs, 501b. to 601b., 7gd; 401b. to 501b., 7d. AUCKLAND COMPANIES. ONE NEW REGISTRATION. Details of a new private company registered in Auckland arc as follows: Northern Wairoa Flax Company, Limited, flaxmillors, of Dargaville, to take over the business of flaxmilling now carried on by '"Herbert Stanley Aitkenhead and Arnold McCuno. Capital, £3500. Shareholders: H. S. Aitkenhead, 1333 shares; A. McCune, .667; H. Lloyd, 250; R. C. Colmore-Williams, 100; O. G. Bram well, 500; E. H. Stoddart, 500; T. K. Hodges., 150. A I MORRINSVILLE STOCK SALEGOOD PRICES REALISED. \ fny TELEGRAPH. —OWN COIUUSSPONDENT. ] MORRINS VILLE. Soino very Good prices were realisod at tho stock sale yesterday. Yeurling Jersey honors brought up to £7. Dairy oattlo wore still in good demand and bidding, was spirited, especially for springing heifers. Prices were.:—Medium' fat cows, £8 12s to £9 12a; lighter, £6 6s to £Ci 12s 6d; good fresh-conditioned cows, £5 ss. Young Stock,; Good Quality yearling Jersey heifers, £G J9s to £7; smaller aorta, £4 13s to £5 7s. Bulls: Jersey bulls. £6 )5s to, £9. Dairy cattle: Best springing Jersey heifers, close, to profit, £lO l()s to £l3; good Shorthorns. £7 to £10; Jersey cows (second and third calvera). £8 10s to £l2 15s. Pigs: We&ners. 26a to 31s; smaller,, 16s to 23a,